ForexMinute.com – American Express Chief Kenneth I. Chenault seems to be less skeptical of Bitcoin than its counterparts from the credit card sector, as he openly talked about the importance of Bitcoin protocol in developing an advanced payment network.
“The protocol of Bitcoin is going to be important,” the tenth highest paid CEO said at the DealBook conference in Manhattan, while referring music services like Napster and iTunes that ultimately fetched a revolutionary change in the music industry we know today.
“I don’t know how this [new form of money and payment system] is going to evolve. [But] I think there’s room for a lot of players,” he added added later.
Bitcoin vs Credit Cards
While both Bitcoin and credit cards come as handy alternatives to traditional cash transactions, they still have got its ills to deal. For example, the Bitcoin industry has always argued about the unethical transaction fees credit card companies charge merchants. While on the other hand, credit card companies and traditional banks have thrashed Bitcoin for being unable to offer fraud protection to its users. Recently, MasterCard President for South East Asia specifically appeared in a video to tell people about the ills of using digital currencies.
The Idea of Coexistence
As Kenneth quotes, “[Businesses] compete with any form of payments. Everyone focuses on the displacement of Bitcoin and the credit card industry.” There is indeed a sense of insecurity in both Bitcoin and credit card industry against each other, especially when the aim should be towards the betterment of the entire payment industry.
“There’s a reason credit cards were invented,” says Kenneth. The same goes for Bitcoin, no one says that.